BRAZIL · COMPANY RESULTS
Key Facts
- Profit: Energisa, a Brazilian electricity group, earned R$951 million (about US$170 million), up 47% in the quarter.
- Recurring profit: R$792 million (about US$142 million) excluding one-off items, up 85% on a comparable basis.
- Earnings: EBITDA, operating profit before interest, taxes, depreciation and amortisation, rose 6% to R$2.33 billion (about US$417 million).
- Debt: Net debt fell to 2.95 times adjusted EBITDA from 3.15 times a year earlier.
- Distribution: Recurring profit at the nine power distributors rose 51% to R$921 million (about US$165 million).
- Power Index Brazil ranks 1st of 14 in The Rio Times Latin America Power Index, with 74.2 points (November 2026 edition).
Energisa, a Brazilian electricity group, said its third-quarter profit rose 47% to R$951 million (about US$170 million). Recurring profit, which strips out one-off items, rose 85% on a comparable basis to R$792 million (about US$142 million).
Energisa reported on Tuesday 10 November 2026 for July to September, and its shares trade on B3, the São Paulo exchange, under ENGI11. Dollar figures here use a market rate of R$5.583 per US$1 at 07:35 UTC on Wednesday 11 November 2026.
What Energisa Reported
Net income was R$951 million (about US$170 million), 47% above the same quarter of 2025. Recurring adjusted net income excludes the regulatory result of five transmission assets sold to Taesa, another Brazilian power-transmission company, and other one-off items.
EBITDA, which is operating profit before interest, tax, depreciation and amortisation, rose 6% to R$2.33 billion (about US$417 million). Adjusted net revenue rose 2% to R$7.8 billion (about US$1.40 billion).
Adjusted net revenue leaves out the distributors’ new replacement value and construction revenue, and it adds transmission regulatory revenue. Management said every business line contributed positively.
Investments reached R$1.94 billion (about US$347 million) in the quarter, up 7%, and R$1.82 billion (about US$326 million) of it went into power distribution, up 13%. Our second-quarter earnings round-up includes Energisa for the comparison from three months earlier.
Power Distribution Drives the Result
Distribution, which supplies the largest part of Energisa’s revenue, runs through nine electricity distributors. Adjusted net revenue there rose 5% to R$6.99 billion (about US$1.25 billion).
Recurring adjusted net income in distribution rose 51% to R$921 million (about US$165 million). Markets served, the company’s measure of demand in its areas, grew 8.6% on above-average temperatures in Mato Grosso and the North and Northeast regions, tariff adjustments and a larger customer base.
Personnel, materials and services costs rose 4%, below the accumulated 12-month inflation rate, known as IPCA. Electricity losses were 12.12%, below the regulatory limit for the sixth quarter in a row.
Eight of the nine distributors were within their own loss limits. Energisa Rondônia, its distributor in Rondônia state, ended a quarter below its regulatory limit, at 19.58% against 19.96%, for the first time since the group bought it in 2018.
Transmission Shrinks While Gas Grows
Transmission profit fell 43% to R$52 million (about US$9 million), and its EBITDA fell 58% to R$75 million (about US$13 million), because assets were sold. Excluding the sales, comparable regulatory EBITDA grew 5% to R$113 million (about US$20 million).
The group keeps annual permitted revenue, known as RAP, of about R$783 million (about US$140 million) in operating and under-construction transmission assets, the company said. RAP is the yearly income a transmission owner is allowed to collect.
Natural gas distribution profit rose 65% to R$54 million (about US$10 million), and its EBITDA rose 20% to R$67 million (about US$12 million). Wider margins and cost discipline helped.
ES Gás, the gas distributor in Espírito Santo state, reached 102,200 billed customers, up 13%, and its network grew 6.3% to 679 kilometres. It signed a contract to connect a biomethane plant at the Vila Velha waste treatment centre to its network.
Debt Eases as Assets Are Sold
Net debt to adjusted EBITDA, measured over the last 12 months as its loan agreements require, was 2.95 times at the end of September, down from 3.15 times a year earlier. EBITDA growth, the transmission sale and debt reprofiling (stretching repayment dates) helped.
Energisa completed the sale of the transmission assets in August, worth about R$2.3 billion (about US$412 million) with debt included. Average debt maturity rose from 6.7 years in the second quarter to 6.9 years in September.
Average debt cost fell from 99.77% of the CDI to 98.28% of the CDI. The CDI, Brazil’s interbank deposit rate and the benchmark for borrowing costs, moved from 14.26% to 13.84%.
In Plain English, Who Is Who
Energisa is a Brazilian group whose nine distributors deliver electricity to customers, and it also distributes natural gas. Taesa is another Brazilian power-transmission company, and it took over five of Energisa’s transmission assets.
B3 is the São Paulo exchange where Energisa trades as ENGI11, and the CDI is Brazil’s interbank deposit rate. ES Gás is the gas distributor in Espírito Santo state.
What It Means for You
For a US investor, Energisa offers a view of Brazilian power distribution, where hot weather, tariff adjustments and customer growth lifted this result. Our report on the electricity tariff flag covers one part of what Brazilian power customers pay.
Readers who own or follow Brazilian utilities can weigh that against lower debt costs at the company.
What Is Not Known
It is not yet clear what Energisa will pay shareholders from this profit, or what it expects for 2027. Later company disclosures are where those answers would appear.
It is also not known whether the heat-driven demand that lifted distribution will repeat. Above-average temperatures in Mato Grosso and the North and Northeast regions were one driver the company named.
More: Brazil news in English, every day from The Rio Times.
Frequently Asked Questions
How much profit did Energisa make in the third quarter of 2026?
Energisa earned R$951 million (about US$170 million), up 47% on the same quarter of 2025. Recurring adjusted net income was R$792 million (about US$142 million), up 85% on a comparable basis.
What does Energisa do?
Energisa is a Brazilian group with nine electricity distributors, plus natural gas distribution and transmission lines. Its shares trade on B3 in São Paulo under ENGI11.
Why did Energisa’s transmission profit fall?
Transmission profit fell 43% to R$52 million (about US$9 million) because assets were sold. Excluding the sales, comparable regulatory EBITDA grew 5%.
How indebted is Energisa?
Net debt was 2.95 times adjusted EBITDA at the end of September, down from 3.15 times a year earlier. EBITDA growth, the transmission sale and debt reprofiling (stretching repayment dates) helped.
Sources: Energisa S.A. investor relations, third-quarter 2026 results release, Tuesday 10 November 2026; exchange rate: market rate of R$5.583 per US$1 at 07:35 UTC on Wednesday 11 November 2026.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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